BogoMips (from "bogus" and MIPS) is
an unscientific measurement of CPU speed made by the Linux
kernel when it boots, to calibrate an internal busy-loop.
An oft-quoted definition of the term is "the number of million times
per second a processor can do absolutely nothing."

BogoMips can be used to see whether it is in the proper range for
the particular processor, its clock frequency, and the potentially
present CPU cache. It is not usable for performance comparison
between different CPUs

For i386 architecture delay_loop is implemented in /usr/src/linux/arch/i386/lib/delay.c
as: